ECB announces record increase in eurozone interest rates

The ECB’s governing council has voted to raise all three key interest rates by 75 basis points, or 0.75% — a bigger hike than ever before.

The European Central Bank (ECB) has made its largest-ever interest rate increase, following the US Federal Reserve and other central banks in a global stampede of rapid rate hikes meant to dampen record inflation that is squeezing consumers and pushing Europe towards recession.